58.com to Invest RMB 1 Bln in ChinaHR over Next 2 Years
Sohu IT, 7/24/15
Yao Jinbo, CEO of online classifieds site 58.com (NYSE: WUBA), says the site will spend over RMB 1 bln in the next two years developing online recruitment website ChinaHR, with a focus on expanding its marketing and growing its team. ChinaHR will continue to operate as an independent brand following its acquisition by 58.com.
58.com will transfer a portion of its existing staff to ChinaHR to bolster product development, campus recruitment, and sales. This will allow ChinaHR to optimize technology, improve recruitment from universities, and enhance its mobile app consumer experience. ChinaHR intends to expand its marketing by using large-scale outdoor ad space.
Yao says the peak daily users on its recruitment platforms have reached 300 mln and the total number of uploaded CVs exceeds 200 mln. ChinaHR currently holds greater than 30% of the total online recruitment market.
Editor's Note: For more information on this topic, please see "ChinaHR Confirms Purchase by 58.com," MD 5/08/15 issue.
Keywords: M&A Yao Jinbo Internet online classifieds 58.com ChinaHR online recruitment WUBA
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